I want to know that how can I calculate bt (dependent variable) in equation 1b?
If anyone has a code of this methodology, kindly send me?
Whether these three equations need to estimate simultaneously, if yes then how?
Paper: Baur, D. G., & McDermott, T. K. (2010). Is gold a safe haven? International evidence. Journal of Banking & Finance, 34(8), 1886-1898.